The Bitcoin (BTC) and Ether (ETH) price slump on Aug .18 saw the top two cryptocurrencies fall to a 2-month low and triggered a series of liquidations for thousands of derivative traders.
The crypto bloodbath led to billions of dollars worth of hedged positions being liquidated and several traders lost millions of dollars in a single trade.
According to Coinglass data, a total of 176,752 traders got liquidated over the past 24 hours. 90% of these liquidations took place within the last 12 hours, indicating a rapid rise in price volatility just days after BTC and ETH recorded their lowest daily volatility in several years.
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The billion-dollar liquidation is the biggest liquidation event in crypto in the past 8 months, after the last such event during the FTX collapse.
BTC held onto the key $28,000 support for a couple of months while ETH held the $1,500 support before giving in yesterday. The liquidity in the crypto market has been on the lower side, and prominent crypto exchanges like Coinbase had seen a significant decline in their trading volume.
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